Stanbic Bank Kenya has appointed Safaricom executive Michael Mutiga as its new Chief Executive Officer, marking his return to the banking sector after four years leading business development and strategy at the telecommunications firm. Mutiga, who currently serves as Safaricom’s Chief Business Development and Strategy Officer, will officially assume the role on August 1, 2026, subject to regulatory approvals. He succeeds Abraham Ongenge, who has been serving as Acting CEO since March 1, 2026. Stanbic Bank’s Board of Directors said it was confident that Mutiga’s experience in banking, strategy execution and business transformation would support the lender’s next phase of…
Author: NBM CORRESPONDENT
Public universities are facing an escalating financial crisis as rising salary costs, inadequate government funding and mounting obligations threaten their ability to sustain operations, Education Cabinet Secretary Julius Ogamba has warned. Appearing before the National Assembly’s Public Investments Committee on Education, Ogamba said the institutions are struggling to meet salary obligations while maintaining teaching, research, infrastructure development and student support services. He attributed the crisis to a combination of rising personnel costs, delayed Exchequer disbursements and financial obligations arising from nationally negotiated Collective Bargaining Agreements (CBAs). “The wage-bill challenge is therefore not attributed to a single factor. It arises from…
As the Democratic Republic of Congo confronts its 17th Ebola outbreak, now one of the most rapidly expanding outbreaks in the country’s history, neighboring South Sudan is racing to prevent the deadly virus from spreading across its borders, warning that armed conflict, widespread displacement and porous borders have left the country more vulnerable. The latest projections suggest the outbreak is progressing northwards toward South Sudan after spreading across five provinces in the DRC. The warning is also important for Kenya. Kenya’s strong ties with Uganda and South Sudan mean that any escalation of the outbreak could rapidly challenge regional disease…
The defending champions Ruraraka A continued with their impressive unbeaten run this season with another big win as they moved to the top of the standings after Week 3. Ruaraka A’s batting juggernaut rolled on in the Nairobi County Cricket Association (NCCA) Super Division 50-Overs League over the weekend, with Satyalaksha Jain and Omkar Ghule both scoring centuries of the season to power their Thika Road side to a massive 127-run win over Nairobi Gymkhana at Sir Ali Ground. The twin hundreds were not a one-off. Both Jain and Ghule now have two centuries in three innings this season, underlining…
Jane Pinto, one of the most influential figures in Kenyan and world table tennis, has died exactly one week after celebrating her 91st birthday. Pinto, who served as President of the Kenya Table Tennis Association from 2002 to 2014, passed away in Nairobi on Wednesday. She had previously served as Deputy President of the association for eight years, a tenure that laid the foundation for her transformative leadership of the sport in Kenya. During her time at the helm, Pinto was credited with reshaping the sport’s landscape in the country. Her leadership was marked by unwavering support for national team…
Despite growing access to global investment opportunities, Kenya’s wealthy individuals are keeping most of their money at home, with property remaining their preferred investment. According to Knight Frank Kenya’s Wealth & Investment Trends Report 2026, affluent Kenyans continue to view the local real estate market as the best place to build and preserve wealth. The report indicates that a significant proportion of high-net-worth individuals retain the majority of their residential property investments within Kenya. Furthermore, there seems to be a notable disinterest among affluent Kenyans in pursuing second citizenships or considering alternative residency programmes. The findings come at a time…
The rising cost of meeting stricter anti-money laundering (AML) compliance standards has claimed another casualty in Kenya’s digital asset sector, with stablecoin payments provider HuruPay ending its USD banking services for customers in the country. HuruPay, a Kenya-founded platform that helps freelancers, remote workers and businesses receive international payments, informed users that it would no longer support USD banking services for Kenyan customers. “We would like to inform you that HuruPay no longer supports USD banking services for customers in Kenya,” the company said in an email to users. “As a result, any payment sent to your SSB bank account…
Kenya and Ethiopia have finalised a renewed power supply agreement meant to deepen East Africa’s integration and sustain the flow of clean hydro-electric power into the Kenyan grid. Signed in Addis Ababa, Ethiopia, on Friday, July 10, 2026, by the Kenya Power Managing Director and Chief Executive Officer Joseph Siror and Ethiopian Electricity Utility (EEU) CEO Getu Geremew, the new agreement will secure stable electricity imports and support the expansion of local power connectivity. According to the deal, Kenya will pay about Sh20 (0.15 U.S. dollars, or ETB24.07) per kilowatt-hour for electricity imported from Ethiopia, with an addition of a…
Indian beverage group Varun Beverages Limited (VBL) has signed an agreement to acquire the dairy beverages, juices and packaged drinking water business of Devyani Food Industries (Kenya) Limited (DFIL Kenya) in a transaction valued at $32 million (Sh4.14 billion). The transaction, expected to close on or before August 1, 2026, involves the transfer of DFIL Kenya’s business as a going concern for the $32 million consideration, with no change to DFIL Kenya’s own shareholding. DFIL Kenya is a promoter-group company controlled by the same family that controls Varun Beverages, making this a related-party deal that the company says was conducted…
Twenty-one-year-old Kenyan rally driver Michuki Hinga celebrated his birthday month in unforgettable fashion, delivering a dream debut on the continental stage by winning the Two-Wheel Drive category and finishing second overall in the NRC category of the 2026 Rwanda Mountain Gorilla Rally. Driving a Toyota RunX alongside co-driver John Ngugi, Hinga produced a remarkable performance on his first-ever rally outing at the FIA African Rally Championship event held from 10-12 July in the challenging hills of Rwanda. Competing against more experienced drivers in four-wheel-drive machinery and tackling demanding mountain terrain, the Nairobi-based driver showed impressive composure, consistency, and speed from…
